30-year fixed-rate mortgage:
Averaged 4.57 percent with an
average 0.7 point for the week ending July 8, 2010, down from last week
when it averaged 4.58 percent. Last year at this time, the 30-year FRM
averaged 5.20 percent. This rate is yet another all-time low in Freddie
Macâ€™s 39-year survey.
The 15-year fixed-rate mortgage
Averaged 4.07 percent with an average 0.7 point , up from last week
when it averaged 4.04 percent. A year ago at this time, the 15-year FRM
averaged 4.69 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs:
3.75 percent this week, with an average 0.7 point, down from last week
when it averaged 3.79 percent. A year ago, the 5-year ARM averaged 4.82
percent. This rate is also an all-time low since Freddie Mac began
tracking it in 2005.
One-year Treasury-indexed ARMs:
Averaged 3.75 percent this week with an average 0.7 point, down from
last week when it averaged 3.80 percent. At this time last year, the
1-year ARM averaged 4.82 percent.
With mortgage rates falling to historic lows, refinance activity has
been strong over the past three months, said Frank Nothaft, Freddie Mac
vice president and chief economist. â€œThe Bureau of Economic Analysis
reported that the effective mortgage rate of all loans outstanding was
just below six percent in the first quarter of 2010, the lowest since
the series began in 1977. Since the start of the second quarter, two out
of three mortgage applications on average were for refinancing,
according the Mortgage Bankers Association .
Household balance sheets also improved in other ways over the first
three months of the year. The Federal Reserve reported household net
worth rose by almost $1.1 trillion in the first quarter of 2010. The
share of credit card loans that were 30-days or more past due fell to
the lowest since first quarter of 2002, according to the American
Bankers Association . Finally, the aggregate household debt burdens were
at a level not seen since the third quarter of 2000.
Reverse Mortages Can Help You Buy A New Home
to Rent Your Property Faster
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